Billionaire investor Tom Gores has agreed to buy the Detroit Pistons and other properties, including the Pistons arena, the Palace of Auburn Hills.

Terms of the deal, which also includes sale of the Palace of Auburn Hills (the Pistons' arena), DTE Energy Music Theater and the operating rights to Meadow Brook Music Festival, were not disclosed. In January, Forbes magazine said the Pistons were worth $360 million in its annual team valuations.

The deal must be approved by the NBA.

"We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment," Karen Davidson said in a statement. "Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill's footsteps, and carry on his legacy."

Gores, who grew up outside of Flint, Mich., and attended Michigan State University, is the chairman and CEO of Platinum Equity. Gores and Davidson have been trying to reach an agreement for months – after Detroit Red Wings and Detroit Tigers owner Mike Ilitch failed to reach a deal with Davidson.

"I am very proud to have this opportunity to be part of such a tremendous organization," Gores said in a statement. "I know it's been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward."

Gores is among the USA's wealthiest individuals with an estimated worth of $2.4 billion, according to Forbes. His company specializes in "mergers, acquisitions, and operations of companies that provide mission-critical products, services, and solutions in diverse industries," according to Platinum's website. His firm is known for taking over distressed businesses and making them profitable.

The Pistons have been hamstrung by the sale. They are one of the few NBA teams that have not made a player transaction this season amid a 27-51 season under second-year coach John Kuester.

Bill Davidson bought the Pistons in 1974, and they were competitive in the mid-1970s. However, the team struggled through the late 1970s and early 1980s.

Detroit was also a strong team for a good stretch of the 2000s. The Pistons reached the Eastern Conference finals six consecutive seasons from 2002-2003 to 2007-2008 under three different coaches –Rick Carlisle, Larry Brown and Flip Saunders. Detroit won the 2004 NBA championship under Brown.

The team has struggled in the past three seasons. Detroit lost in the first round of the 2009 playoffs, and coach Michael Curry was fired after just one season.

Kuester went 27-55 with Detroit last season, and this season hasn't been any better, plus it has been marked by player unhappiness. Guard Richard Hamilton, who at one time had a sterling reputation among Pistons fans, became a problem and played in just three games from Jan. 10 through March 1. Veterans Tayshaun Prince and Rodney Stuckey have also butted heads with Kuester.

Gores' firm made a popular splash a year ago in the community of Cadillac, Mich., 200 miles northwest of Detroit. Platinum Equity essentially bought the bankrupt Four Winns boat manufacturing company in a move officials said saved or created hundreds of jobs.

"I am completely convinced that unless Mr. Gores had bought the company and his particular interest in Michigan that the facility would close down, and they would have moved all their manufacturing out of Michigan," said Paul Brown, vice president of capital markets for the Michigan Economic Development Corp.

One of Platinum Equity's latest acquisitions was Keystone Automotive Operations, an aftermarket accessories and equipment distributor.

Gores lives in Beverly Hills, Calif., with his wife and three children. He enjoys coaching youth soccer and basketball teams and is a philanthropist in education, health and the arts, according to the bio on his website.

Gores' two brothers are also wealthy. Alex Gores is also a private equity investor worth an estimated $1.6 billion, according to Forbes, and Sam Gores is the chairman of Paradigm, a large entertainment talent agency whose clients include Philip Seymour Hoffman, Katherine Heigl, The Dead and Dave Matthews Band.

The Gores family is not without movie-like intrigue involving infamous Hollywood private investigator Anthony Pellicano who is serving time in prison for wiretapping and conspiracy to commit wiretapping. Members of the Gores family were caught up in the 2008 trial when it was revealed Tom Gores allegedly had an affair with his brother Alec's wife.

Contributing: The Associated Press

For more information about reprints & permissions, visit our FAQ's. To report corrections and clarifications, contact Standards Editor Brent Jones. For publication consideration in the newspaper, send comments to letters@usatoday.com. Include name, phone number, city and state for verification. To view our corrections, go to corrections.usatoday.com.